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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jul. 02, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments to the Company’s pension and postretirement medical benefit plans, the interest rate swap on the Company’s term loan facility and the foreign currency translation for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States.

Following is a summary of AOCI(L) for the second quarter of 2021 and the second quarter of 2020:

(in thousands)						April 2, 2021						Pre-tax Activity						Tax Effect						July 2, 2021
Net pension activity:
Actuarial loss						$	(92,931)					$	1,216					$	(303)					$	(92,018)
Prior service credits						9						—						—						9
Net postretirement benefits activity:
Actuarial loss						(4,188)						185						(46)						(4,049)
Prior service costs						(624)						—						—						(624)
Interest rate swap(1)						(244)						324						(80)						—
Foreign currency translation adjustment						(23)						36						(8)						5
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(117,721)					$	1,761					$	(437)					$	(116,397)

(1)In 2019, the Company entered into a $100 million fixed rate swap to hedge a portion of the interest rate risk on the 2016 Term Loan Facility, both of which matured on June 7, 2021. This interest rate swap was designated as a cash flow hedging instrument and changes in its fair value were not material to the condensed consolidated balance sheets.

(in thousands)						March 29, 2020						Pre-tax Activity						Tax Effect						June 28, 2020
Net pension activity:
Actuarial loss						$	(92,278)					$	1,190					$	(293)					$	(91,381)
Prior service costs						(3)						4						(1)						—
Net postretirement benefits activity:
Actuarial loss						(1,125)						87						(21)						(1,059)
Prior service costs						(624)						—						—						(624)
Interest rate swap						(1,285)						3						(1)						(1,283)
Foreign currency translation adjustment						(17)						4						(1)						(14)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(115,052)					$	1,288					$	(317)					$	(114,081)

Following is a summary of AOCI(L) for the first half of 2021 and the first half of 2020:

(in thousands)						December 31, 2020						Pre-tax Activity						Tax Effect						July 2, 2021
Net pension activity:
Actuarial loss						$	(93,847)					$	2,435					$	(606)					$	(92,018)
Prior service credits						8						1						—						9
Net postretirement benefits activity:
Actuarial loss						(4,328)						371						(92)						(4,049)
Prior service costs						(624)						—						—						(624)
Interest rate swap						(556)						739						(183)						—
Foreign currency translation adjustment						14						(13)						4						5
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(119,053)					$	3,533					$	(877)					$	(116,397)

(in thousands)						December 29, 2019						Pre-tax Activity						Tax Effect						June 28, 2020
Net pension activity:
Actuarial loss						$	(93,174)					$	2,379					$	(586)					$	(91,381)
Prior service costs						(7)						9						(2)						—
Net postretirement benefits activity:
Actuarial loss						(1,191)						175						(43)						(1,059)
Prior service costs						(624)						—						—						(624)
Interest rate swap						(270)						(1,344)						331						(1,283)
Foreign currency translation adjustment						(16)						3						(1)						(14)
Reclassification of stranded tax effects						(19,720)						—						—						(19,720)
Total AOCI(L)						$	(115,002)					$	1,222					$	(301)					$	(114,081)

Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:

						Second Quarter 2021
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	356					$	104					$	—					$	—					$	460
Selling, delivery and administrative expenses						860						81						324						36						1,301
Subtotal pre-tax						1,216						185						324						36						1,761
Income tax expense						303						46						80						8						437
Total after tax effect						$	913					$	139					$	244					$	28					$	1,324

						Second Quarter 2020
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	360					$	57					$	—					$	—					$	417
Selling, delivery and administrative expenses						834						30						3						4						871
Subtotal pre-tax						1,194						87						3						4						1,288
Income tax expense						294						21						1						1						317
Total after tax effect						$	900					$	66					$	2					$	3					$	971

						First Half 2021
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	704					$	207					$	—					$	—					$	911
Selling, delivery and administrative expenses						1,732						164						739						(13)						2,622
Subtotal pre-tax						2,436						371						739						(13)						3,533
Income tax expense						606						92						183						(4)						877
Total after tax effect						$	1,830					$	279					$	556					$	(9)					$	2,656

						First Half 2020
(in thousands)						Net Pension Activity						Net Postretirement Benefits Activity						Interest Rate Swap						Foreign Currency Translation Adjustment						Total
Cost of sales						$	694					$	105					$	—					$	—					$	799
Selling, delivery and administrative expenses						1,694						70						(1,344)						3						423
Subtotal pre-tax						2,388						175						(1,344)						3						1,222
Income tax expense						588						43						(331)						1						301
Total after tax effect						$	1,800					$	132					$	(1,013)					$	2					$	921

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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